Revolut launches standalone retail wealth management app Revolut Invest

On September 24, fintech firm Revolut announced it is spinning off its €8.5 billion ($9.5 billion) wealth management business into a standalone app, Revolut Invest, a move aimed at competing with rivals such as Robinhood and eToro for a larger share of the retail investor market, Bloomberg reported.

The Revolut Invest app is slated to debut with nearly 5,000 investment products, including U.S. and European equities, exchange-traded funds (ETFs), commodities, bonds, and new products such as contracts for difference (CFDs). According to a statement from Revolut, investments in equities and bonds will be subject to a fixed fee of either 0.25% or €1, while fees for CFDs may vary.

The application is currently being tested in Greece, Denmark and the Czech Republic, with plans to launch in other EEA countries by the end of 2024, said Rolandas Juteika, Revolut's regional head of wealth and trading. The company also plans to double the number of tradable assets over the same period.